Cars that cost less than a down payment for a conventional loan on an average home in Snohomish County

"Dr. Zoidberg - RIP Oppo" (thetomselleck)
02/18/2018 at 15:05 • Filed to: unnecessary car shopping with no no no no no no

#1: 2014 Lotus Eva S

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#2: 2018 Lexus LC500

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#3: Four 2017 Civic Sport Hatchbacks

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#4: Maybe a dozen of these suspiciously cheap manual 3-series wagons that has obvious misaligned rear bumper and who know what else:

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#5: Fifteen overpriced automatic Paseos

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DISCUSSION (29)

Arch Duke Maxyenko, Shit Talk Extraordinaire > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:11

Damn, I only put $5k down.

AestheticsInMotion > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:24

So what you’re saying is forget the house and buy a new car?

f86sabre > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:25

Western Washington is lovely, but housing prices are just stupid. Good luck with your hunt.

There is a house for sale across the street from ours. 2500 sq ft, half acre, good school and 25 minutes from down town Atlanta $280k

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:25

I can’t figure out where the average home prices come from around here. There must be a lot of very undesirable areas with a lot of sales to offset the prices we pay in what seem to be average areas around here. Supposedly $562k in King County, but that’s gotta be like an average crap shack 40+ miles from anything in the south end of the county... That price would be a mere $112.4k for a 20% down conventional. Mind you, I haven’t seen anything I’d want to live in that was under about $124k. Most houses around me are in the $150+k down payment range.

“That’s a supercar.”

Eric @ opposite-lock.com > Arch Duke Maxyenko, Shit Talk Extraordinaire
02/18/2018 at 15:29

Was this a $25k house or a really low down payment?

TheTurbochargedSquirrel > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:35

The back of the LC500 is sexy.

fintail > AestheticsInMotion
02/18/2018 at 15:36

YOLO

And when you can’t afford one, might as well enjoy the other.

fintail > Eric @ opposite-lock.com
02/18/2018 at 15:37

A lot of people don’t seem to mind paying PMI. You can still get in for 5% down or less in many areas.

Dusty Ventures > Eric @ opposite-lock.com
02/18/2018 at 15:38

Or a town in Kentucky with a population of 32k

fintail > Eric @ opposite-lock.com
02/18/2018 at 15:39

A livable 60s tract house is 400K in Kent, 800K in Bellevue, there you go.

AestheticsInMotion > AestheticsInMotion
02/18/2018 at 15:42

Volvo s90... Alfa 4s... Gla45 AMG...

These are all super reasonable purchases when I think of them in terms of housing prices. Feels strange that the first three *new* cars I would buy are all automatic only

fintail > f86sabre
02/18/2018 at 15:42

A friend of mine headed out to suburban (east, OTP) Atlanta in 2010, when the market bottomed out and he was laid off. Found a nearly new 3/2/2 tract house on 1/3 acre for around 80K. He was back here by 2015, couldn’t take it for a few reasons. Now he has a condo as old as him that cost 250% as much as the GA house, and 5x the commuting time.

Arch Duke Maxyenko, Shit Talk Extraordinaire > Eric @ opposite-lock.com
02/18/2018 at 15:44

Low down payment on a $110k house, yeah I have to pay the PMI, but oh well

AddictedToM3s - Drives a GC > Dr. Zoidberg - RIP Oppo
02/18/2018 at 15:46

A 20% down payment around here would be about 180k. Meaning that a brand spanking new 911 Turbo S costs less than a down payment.

911 Turbo S MSRP: 162k

Kinja'd!!!

Eric @ opposite-lock.com > Arch Duke Maxyenko, Shit Talk Extraordinaire
02/18/2018 at 16:04

My mind is blown by how cheap your house was. It’s crazy.

Eric @ opposite-lock.com > fintail
02/18/2018 at 16:06

Apparently we were weird for saving so much to put down on our house. The mortgage guy couldn’t understand us putting more than 10% down.

AestheticsInMotion > fintail
02/18/2018 at 16:06

Volvo s90... Alfa 4s... Gla45 AMG...

These are all super reasonable purchases when I think of them in terms of housing prices. Feels strange that the first three *new* cars I would buy are all automatic only

Dr. Zoidberg - RIP Oppo > Eric @ opposite-lock.com
02/18/2018 at 16:10

Having the same discussion with our loan man guy person.

“Why put 20% down when you can put 10% down and pay off some debt to get approved for a higher loan?”

Because I don’t want a $3,500 mortgage dude.

Dr. Zoidberg - RIP Oppo > fintail
02/18/2018 at 16:13

Last year you could still find 400k ramblers in unincorporated Kirkland by that mosque. I was almost considering it at the time, but taxes would have killed me. Now the same 70s rambler will be pushing 600

Dr. Zoidberg - RIP Oppo > Arch Duke Maxyenko, Shit Talk Extraordinaire
02/18/2018 at 16:15

PMI on a 110k loan is chump change. Our current home was a bargain but we also had a game plan of not paying PMI so we could collect nominal monthly savings while sitting on some equity.

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo
02/18/2018 at 16:20

Ours was like, “with that down payment and your income we could qualify you for [insert ridiculous number here]”. We’re like, “no, dude, you don’t understand, we don’t want to spend that much of our income on housing”.

There were no debt pay down arguments, though, because all we have that is outstanding is a 0% loan on my car because I keep our credit cards reporting zero every month in spite of using them for basically everything.

The only thing he had was to use it to furnish the house and/or bank for major expenses... Then again, our PMI was going to be just over $100 a month for two years, which really is pretty cheap. Maybe I should have took him up on it and bought stocks or something.

fintail > AestheticsInMotion
02/18/2018 at 16:53

Compared to housing in this area, an AMG GT or nicely equipped 911 is perfectly reasonable.

fintail > Dr. Zoidberg - RIP Oppo
02/18/2018 at 16:54

But he wants you to have a $3500 mortgage.

fintail > Dr. Zoidberg - RIP Oppo
02/18/2018 at 16:55

In 2013, a guy I knew got a job in Austin, and sold the house he had bought some years earlier (via some family help because of course). That might have been rock bottom for the market here. 3000 sq ft ordinary 60s house in east Bellevue, 470K. It’s worth twice that now.

Dr. Zoidberg - RIP Oppo > fintail
02/18/2018 at 16:56

And my realtor wants me to consider various 4 bedroom 3 story monstrosities due to low inventory. Sorry.

fintail > Dr. Zoidberg - RIP Oppo
02/18/2018 at 17:00

A stapled-together 3500 sq ft house on a 3500 sq ft lot, the key to happiness around here.

ranwhenparked > Dr. Zoidberg - RIP Oppo
02/18/2018 at 17:03

I’d say come to Delaware, but nobody wants to come here, except maybe me and Joe Biden.

I’m in the process of closing on a place for $134000. It’s only a townhouse but it had all the features I wanted, and it’s still only about an hour to Philly. I can’t believe how cheap things are here, even just compared to immediately neighboring states. If people in PA and NJ ever realize they can buy here and still commute to work, that may change.

DipodomysDeserti > Dr. Zoidberg - RIP Oppo
02/18/2018 at 18:15

That Paseo costs more than the downpayment I made on my house back in 2008.

MossInTheUSA > Dr. Zoidberg - RIP Oppo
02/18/2018 at 18:21

That Lexus would have paid for a 50% down payment on my house. Which is 3200 square feet.

I’m glad I don’t live where you do.